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Micro

This class was created by Brainscape user Niamh Gwilym. Visit their profile to learn more about the creator.

By: Niamh Gwilym
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Decks in this class (18)

Types of Efficiency
Productive efficiency 1,
Allocative efficiency 2,
X efficiency 3
7  cards
Business Objectives
Benefits of profit maximisation 1,
Benefits of sales maximisation 2,
Why maximise sales 3
4  cards
Costs
What are fixed costs 1,
What are variable costs 2,
What are total costs 3
8  cards
Economies of Scale
What are economies of scale 1,
What are internal economies of sc...,
What are external economies of sc...
7  cards
Revenue
What is total revenue 1,
What is average revenue 2,
What is marginal revenue 3
3  cards
Profit
What is profit 1,
What is normal profit 2,
What is supernormal profit 3
8  cards
Perfect Competition
What is perfect competition name ...,
Explain the lrpc diagram 2,
Efficiency in pc 3
8  cards
Monopolistic Competition
What are the qualities of a monop...,
Explain short run monopolistic co...,
Explain long run monopolistic com...
6  cards
Oligopoly
What are the features of an oligo...,
How do firms in an oligopoly comp...,
Factors that determine oligopoly ...
13  cards
Monopoly
Factors of a monopoly 1,
Explain the monopoly diagram 2,
Disadvantages of a monopoly 3
5  cards
Price Discrimination
What is 1st degree price discrimi...,
What is 2nd degree price discrimi...,
What is 3rd degree price discrimi...
5  cards
Contestable Markets
What are the factors of a contest...,
What is hit and run competition 2,
Pros and cons of contestable mark...
8  cards
Labour Markets
Factors affecting labour producti...,
Factors that determine demand for...,
What determines the elasticity of...
4  cards
Market Failure in Labour Markets
What is monopsony 1
1  cards
Government intervention to correct market failure
One way of correcting market fail...,
Tax pros and cons 2,
What is a subsidy 3
5  cards
Market Failure
Define market failure 1,
How can market failure occur 2,
What are the factors of a public ...
15  cards
Government Failure
What is government failure 1,
What causes government failure 2
2  cards
Privatisation
What is privatisation 1,
Benefits of privatisation 2,
Issues with privatisation 3
3  cards

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Micro

  • Class purpose General learning

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